Jio Financial Services Lists on BSE and NSE | Entrepreneur

Jio Financial Services Lists on BSE and NSE | Entrepreneur

Time Stamp: August 21, 2023 3:48 AM
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Jio Financial Services Ltd, the demerged financial services arm of Reliance Industries, today announced its listing date and debuted on the stock exchanges.

JFSL was listed on the BSE at a share price of INR 265 and on the NSE at INR 262.

The IPO consists of 6,35,32,84,188 Equity shares of INR 10 each allotted pursuant to the Scheme of Arrangement.

On August 18, BSE notified that the equity shares of Jio Financial Services Ltd (Formerly known as Reliance Strategic Investments Limited) will be listed and admitted to dealings on the Exchange in the list of T Group of Securities.

As part of the demerger, it was announced that RIL shareholders would be receiving one share of Jio Financial Services for holding one share of Reliance. Jio Financial Services will be operating in the NBFC and credit markets and has plans to expand into insurance, digital payment, and asset management segments.

At the time of publishing, the share price on BSE and NSE dipped to INR 251.75 and 248.90. Its m-cap on BSE and NSE sat at 1.59 lakh crore and 1.58 lakh crore, respectively. With this, JSFL becomes India’s 33rd largest listed company. And in the NBFC segment, it’s third just behind Bajaj Finance and Bajaj Finserv.

“JFSL will go with the India story and the story of being a digital-first institution,” said KV Kamath, JFSL’s non-executive chairman at the listing ceremony.

The listed company will temporarily be added to Nifty50 along with 18 other indices of NSE without replacing other stocks. It has also been added to 18 of S&P BSE indices including S&P BSE Sensex.

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